Poplar Forest Cornerstone Fund
|
|||||||
Schedule of Investments
|
|||||||
at December 31, 2022 (Unaudited)
|
|||||||
Shares/Principal Amount
|
Value
|
||||||
COMMON STOCKS - 68.8%
|
|||||||
Aerospace & Defense - 2.7%
|
|||||||
5,000
|
Curtiss-Wright Corp.
|
$
|
834,950
|
||||
Air Freight & Logistics - 0.9%
|
|||||||
1,500
|
FedEx Corp.
|
259,800
|
|||||
Banks - 4.3%
|
|||||||
16,300
|
Citigroup, Inc.
|
737,249
|
|||||
14,200
|
Wells Fargo & Co.
|
586,318
|
|||||
1,323,567
|
|||||||
Biotechnology - 3.7%
|
|||||||
4,000
|
United Therapeutics Corp. (a)
|
1,112,360
|
|||||
Chemicals - 2.6%
|
|||||||
15,700
|
Dow Inc.
|
791,123
|
|||||
Commercial Services & Supplies - 1.4%
|
|||||||
20,100
|
MillerKnoll, Inc.
|
422,301
|
|||||
Consumer Finance - 1.4%
|
|||||||
18,000
|
Ally Financial, Inc.
|
440,100
|
|||||
Diversified Financial Services - 3.4%
|
|||||||
4,021
|
Apollo Global Management, Inc. (c)
|
256,500
|
|||||
27,100
|
Equitable Holdings, Inc.
|
777,770
|
|||||
1,034,270
|
|||||||
Diversified Telecommunication Services - 2.7%
|
|||||||
44,100
|
AT&T, Inc.
|
811,881
|
|||||
Entertainment - 1.3%
|
|||||||
41,300
|
Warner Bros. Discovery, Inc. (a)
|
391,524
|
|||||
Gas Utilities - 2.2%
|
|||||||
10,700
|
National Fuel Gas Co.
|
677,310
|
|||||
Health Care Providers & Services - 5.1%
|
|||||||
5,300
|
AmerisourceBergen Corp.
|
878,263
|
|||||
7,300
|
CVS Health Corp.
|
680,287
|
|||||
1,558,550
|
|||||||
Hotels, Restaurants & Leisure - 3.1%
|
|||||||
19,900
|
Las Vegas Sands Corp. (a)
|
956,593
|
|||||
Insurance - 5.2%
|
|||||||
5,800
|
Allstate Corp.
|
786,480
|
|||||
12,400
|
American International Group, Inc.
|
784,176
|
|||||
1,570,656
|
|||||||
IT Services - 5.5%
|
|||||||
19,500
|
DXC Technology Co. (a)
|
516,750
|
|||||
4,900
|
Fidelity National Information Services, Inc.
|
332,465
|
|||||
5,800
|
International Business Machines Corp.
|
817,162
|
|||||
1,666,377
|
|||||||
Machinery - 2.1%
|
|||||||
39,600
|
CNH Industrial NV (c)
|
635,976
|
|||||
Multi-line Retail - 2.3%
|
|||||||
4,900
|
Dollar Tree, Inc. (a)
|
693,056
|
|||||
Oil, Gas & Consumable Fuels - 3.5%
|
|||||||
4,000
|
Chevron Corp.
|
717,960
|
|||||
8,400
|
Murphy Oil Corp.
|
361,284
|
|||||
1,079,244
|
|||||||
Pharmaceuticals - 4.7%
|
|||||||
6,600
|
Merck & Co., Inc.
|
732,270
|
|||||
20,900
|
Perrigo Co. plc (c)
|
712,481
|
|||||
1,444,751
|
|||||||
Semiconductors & Semiconductor Equipment - 2.2%
|
|||||||
25,200
|
Intel Corp.
|
666,036
|
|||||
Software - 1.0%
|
|||||||
2,500
|
VMware, Inc. (a)
|
306,900
|
|||||
Specialty Retail - 1.9%
|
|||||||
4,000
|
Advance Auto Parts, Inc.
|
588,120
|
|||||
Textiles, Apparel & Luxury Goods - 2.8%
|
|||||||
22,300
|
Tapestry, Inc.
|
849,184
|
|||||
Tobacco - 2.8%
|
|||||||
8,600
|
Philip Morris International, Inc.
|
870,406
|
|||||
TOTAL COMMON STOCKS (Cost $16,820,224)
|
20,985,035
|
||||||
CORPORATE BONDS - 9.5%
|
|||||||
Banks - 2.2%
|
|||||||
Citizens Financial Group, Inc.
|
|||||||
$
|
700,000
|
3.750%, 7/1/24
|
669,069
|
||||
Food Products - 2.3%
|
|||||||
McCormick & Company, Inc.
|
|||||||
715,000
|
3.500%, 9/1/23
|
707,608
|
|||||
Gas Utilities - 2.4%
|
|||||||
National Fuel Gas Co.
|
|||||||
800,000
|
3.950%, 9/15/27
|
740,878
|
|||||
Specialty Retail - 2.6%
|
|||||||
Dick's Sporting Goods, Inc.
|
|||||||
1,000,000
|
3.150%, 1/15/32
|
785,875
|
|||||
TOTAL CORPORATE BONDS (Cost $2,986,243)
|
2,903,430
|
||||||
U.S. TREASURY NOTES - 11.4%
|
|||||||
U.S. Treasury Floating Rate Note
|
|||||||
650,000
|
4.447%, (USBMMY3M + 0.049%), 1/31/23 (d)
|
650,134
|
|||||
U.S. Treasury Note TIPS
|
|||||||
878,548
|
0.125%, 7/15/24
|
850,777
|
|||||
873,788
|
0.250%, 7/15/29
|
801,362
|
|||||
U.S. Treasury Notes
|
|||||||
310,000
|
0.500%, 11/30/23
|
298,267
|
|||||
145,000
|
0.750%, 12/31/23
|
139,417
|
|||||
165,000
|
0.875%, 1/31/24
|
158,368
|
|||||
165,000
|
1.500%, 2/29/24
|
159,131
|
|||||
145,000
|
2.250%, 3/31/24
|
140,746
|
|||||
300,000
|
2.625%, 4/15/25
|
289,008
|
|||||
TOTAL U.S. TREASURY NOTES (Cost $3,632,415)
|
3,487,210
|
||||||
U.S. GOVERNMENT AGENCY - 2.6%
|
|||||||
Federal Home Loan Banks
|
|||||||
800,000
|
4.000%, 9/30/27
|
799,650
|
|||||
TOTAL U.S. GOVERNMENT AGENCY (Cost $800,000)
|
799,650
|
||||||
PREFERRED STOCK - 1.6%
|
|||||||
Consumer Finance - 1.6%
|
|||||||
700,000
|
Ally Financial, Inc. - Series B, 4.70%
|
470,312
|
|||||
TOTAL PREFERRED STOCK (Cost $713,346)
|
470,312
|
||||||
SHORT-TERM INVESTMENTS - 6.0%
|
|||||||
MONEY MARKET FUND - 3.0%
|
|||||||
926,134
|
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class, 4.093% (b)
|
926,134
|
|||||
TOTAL MONEY MARKET FUND (cost $926,134)
|
926,134
|
||||||
U.S. TREASURY BILLS - 3.0%
|
|||||||
$
|
300,000
|
4.120%, 1/24/23 (e)
|
299,329
|
||||
465,000
|
3.070%, 2/23/23 (e)
|
462,205
|
|||||
145,000
|
1.590%, 3/23/23 (e)
|
143,652
|
|||||
TOTAL U.S. TREASURY BILLS (Cost $906,590)
|
905,186
|
||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,832,724)
|
1,831,320
|
||||||
Total Investments in Securities (Cost $26,784,952) - 99.9%
|
30,476,957
|
||||||
Other Assets in Excess of Liabilities - 0.1%
|
31,308
|
||||||
NET ASSETS - 100.0%
|
$
|
30,508,265
|
|||||
TIPS - Treasury Inflation Protected Securities
|
|||||||
USBMMY3M - U.S. Treasury 3 Month Bill Money Market Yield
|
|||||||
(a)
|
Non-income producing security.
|
||||||
(b)
|
Rate shown is the 7-day annualized yield at December 31, 2022.
|
||||||
(c)
|
U.S. traded security of a foreign issuer.
|
||||||
(d)
|
Variable or floating rate security based on a reference index and spread. The rate reported
|
||||||
is the rate in effect as of December 31, 2022.
|
|||||||
(e)
|
Rate shown is the discount rate at December 31, 2022.
|
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's
|
Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
|
Poplar Forest Cornerstone Fund
|
||||||||
Summary of Fair Value Disclosure at December 31, 2022 (Unaudited)
|
||||||||
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United
|
||||||||
States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
|
||||||||
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
|
||||||||
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may
|
||||||||
include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves,
|
||||||||
default rates and similar data.
|
||||||||
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions
|
||||||||
about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
|
||||||||
The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Common Stocks
|
||||||||||||||||
Communication Services
|
$
|
1,203,405
|
$
|
-
|
$
|
-
|
$
|
1,203,405
|
||||||||
Consumer Discretionary
|
3,086,953
|
-
|
-
|
3,086,953
|
||||||||||||
Consumer Staples
|
870,406
|
-
|
-
|
870,406
|
||||||||||||
Energy
|
1,079,244
|
-
|
-
|
1,079,244
|
||||||||||||
Financials
|
4,368,593
|
-
|
-
|
4,368,593
|
||||||||||||
Health Care
|
4,115,661
|
-
|
-
|
4,115,661
|
||||||||||||
Industrials
|
2,153,027
|
-
|
-
|
2,153,027
|
||||||||||||
Information Technology
|
2,639,313
|
-
|
-
|
2,639,313
|
||||||||||||
Materials
|
791,123
|
791,123
|
||||||||||||||
Utilities
|
677,310
|
-
|
-
|
677,310
|
||||||||||||
Total Common Stocks
|
20,985,035
|
-
|
-
|
20,985,035
|
||||||||||||
Corporate Bonds
|
-
|
2,903,430
|
-
|
2,903,430
|
||||||||||||
U.S. Treasury Notes
|
-
|
3,487,210
|
-
|
3,487,210
|
||||||||||||
U.S. Government Agency
|
-
|
799,650
|
-
|
799,650
|
||||||||||||
Preferred Stock
|
-
|
470,312
|
-
|
470,312
|
||||||||||||
Money Market Fund
|
926,134
|
-
|
-
|
926,134
|
||||||||||||
U.S. Treasury Bills
|
-
|
905,186
|
-
|
905,186
|
||||||||||||
Total Investments in Securities
|
$
|
21,911,169
|
$
|
8,565,788
|
$
|
-
|
$
|
30,476,957
|
||||||||
Refer to the Fund’s schedule of investments for a detailed break-out of common stocks by industry classification.
|